Canton Network

Table of Contents

Canton Network has become one of the institutional centres of gravity for tokenised real-world assets, with $6T+ on-network and named participants including Goldman Sachs, BNY, Citadel Securities, DTCC, Cboe, BNP Paribas, Microsoft, S&P Global, Tradeweb, and Nasdaq. When Wall Street decided to put institutional balance sheets on a chain, Canton is what they picked.

Holdex ran a validator on it. We're also building on top of it.

What Holdex does on Canton

Canton runs a tiered validator system. Super Validators get admitted through Canton Improvement Proposals voted on by existing Super Validators (DTCC, Cumberland, Tradeweb, Liberty City Ventures, Chainlink among them). The regular validator tier sits below, sponsored by an existing Super Validator or a Canton Foundation member. Holdex operated in that tier, keeping consensus and settlement online for the applications and asset issuers building on top. The validator ran through May 2026.

We're also building one of those applications. In February 2026 we filed a Canton Development Fund proposal for DPMC RWA Protocol: a stablecoin liquidity bridge that puts Australian commercial real-estate yield on-chain using Canton's privacy and settlement properties. Running the validator gave us a clearer picture of where Canton's actually useful for application builders, and DPMC is the first thing we're working to ship into that.

The story so far

Canton came out of years of work at Digital Asset, the Daml smart-contract company Yuval Rooz founded in 2014. The Canton Network itself was announced in May 2023 by a consortium of more than 30 institutions, including Goldman Sachs, BNP Paribas, Deutsche Börse, Microsoft, Deloitte, BNY Mellon, Cboe, and Euroclear. A multi-counterparty test phase ran in March 2024, covering tokenised funds, repos, and digital cash. Mainnet went live mid-2024. The Global Synchronizer (the decentralised interoperability layer) launched in June, Canton Coin shipped in July, and the Canton Foundation was established under Linux Foundation governance the same month.

Institutional adoption moved fast after that. By late 2024 BNP Paribas had used its Canton-based Neobonds platform to issue the first eurozone sovereign digital bond, a €30M issuance for Slovenia. 27 firms ran a tokenisation pilot covering gilts, eurobonds, and gold the same year. Digital Asset closed a $135M strategic round in June 2025 co-led by DRW and Tradeweb, with Goldman Sachs, BNP Paribas, Citadel Securities, DTCC, and Circle Ventures among the participants. A second strategic round in December 2025 added BNY, Nasdaq, S&P Global, and iCapital.

2026 has been heavier still. DTCC was admitted as a Super Validator in December 2025 via CIP-0083 and picked Canton for tokenising a slice of DTC-custodied Treasuries, with a 2026 target. RedStone joined as oracle for the RWA stack. Chainlink came in as a Super Validator in September 2025 with a SCALE-program partnership covering Data Streams, SmartData, and CCIP. The network now carries $300B+ in daily U.S. Treasury repo trades across 700+ connected firms.

2026 snapshot

Metric	Snapshot
Tokenised real-world assets	$6T+ on-network
Daily transaction volume	$300B+ in U.S. Treasury repo trades
Institutional participants	700+ connected firms
Named adopters	Goldman Sachs, BNY, Citadel Securities, DTCC, BNP Paribas, Cboe, Tradeweb, Microsoft, Deloitte, Nasdaq, S&P Global, iCapital, HSBC
Capital raised by Digital Asset	$135M (June 2025) plus a December 2025 strategic round adding BNY, Nasdaq, S&P, iCapital

DPMC is Holdex's application-layer move on Canton: a stablecoin liquidity bridge designed to bring Australian commercial-real-estate yield on-chain. Running the validator gave Holdex a close-up view of where Canton is actually useful for application builders — DPMC is the first thing we're working to ship into that.

Canton Network

What Holdex does on Canton

The story so far

2026 snapshot

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Holdex on Canton

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